Thomson Reuters Corporation (NYSE:TRI) (TSE:TRI) stock may have a significant upside in the coming months as the company’s chief competitor, Bloomberg, is under fire from major banks. A Financial Times report on the case says that major US banks are uncomfortable with the way Bloomberg journalists had used the firm’s data to report on the London Whale case.

Thomson ReutersJPMorgan Chase & Co. (NYSE:JPM) and Goldman Sachs Group Inc. (NYSE:GS) expressed concern about the use of private details about how bankers use Bloomberg terminals in order to steer their reporting on the London Whale case. According to the FT report, JPMorgan has raised informal concerns with the news agency over the practices of its reporters.

A spokesperson for Bloomberg, responding to the inquiry, told the Financial Times that they were unaware of any such complaint. A New York Post article from Thursday showed that Goldman Sachs Group Inc. (NYSE:GS) had made a complaint to Bloomberg about the practices, and partners at the firm were concerned about the security of the information.

Thomson Reuters

It appears that Bloomberg reporters were able to access information from Bloomberg terminals used by clients. That information allowed the company’s reporters to gain a fuller idea about the investment bank’s trading during the London Whale scandal.

Thomson Reuters Corporation (TRI) Statements

In response to a Financial Times query, Thomson Reuters Corporation (NYSE:TRI) (TSE:TRI) stated that its terminal business and newsroom “operate completely independently with reporters having no access to non-public data on its customers, especially any data relating to its customers’ use of its products or services”.

If the complaints against Bloomberg go further, and Bloomberg cannot resolve the problem in a way that appeases the banks, more and more traders may turn to Thompson Reuters Corporation (NYSE:TRI) in order to protect their data from journalist reporting. Bloomberg will have to tread softly in order to maintain its reputation and keep its clients on board.

On today’s market, shares in Thomson Reuters Corporation (NYSE:TRI) (TSE:TRI) rose by a fraction under 1 percent to stand at $34.39 at time of writing. So far in 2013, shares in the company have risen by just over 18 percent. If Bloomberg’s reputation trades poorly as pressure mounts from investment banks, Thomson Reuters could see its stock trade at a premium as it gains users from Bloomberg’s losses.